WHA Utilities and Power Public Company Limited · SET:WHAUP
WHA Utilities and Power Public — Q3 2021 Earnings Presentation
58 slides from WHA Utilities and Power Public's earnings presentation, Nov 17, 2021
Slide 1: Q3/21 Analyst Meeting
Q3/21 Analyst Meeting WHA Utilities and Power Public Company Limited 17 Nov 2021 Your Ultimate Solution Partner in Utilities & Power with Environmental Care
Slide 2: Disclaimer
Disclaimer The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for share in WHA Utilities & Power Public Company Limited (“WHAUP” and shares WHAUP
Slide 3: Agenda
Agenda I Company Overview II Executive Summary III Operating Performance IV Financial Performance V Business Update VI Appendix Your Ultimate Solution Partner in Utilities & Power with Environmental Care 3
Slide 4: Business Overview
I. Company Overview Business Overview Utilities Business Power Business Sole provider of utilities to manufacturers/ factories in leading Active power investor with strategic partnership with leading Thai and industrial estates with a concrete plan to capture increasing international power companies
Slide 5: Utilities Business At A Glance
I. Company Overview Utilities Business At A Glance One of the largest industrial utilities providers in Thailand Excellent track record in providing comprehensive utilities service Exclusive right for all existing and future WHA ID’s Estates in Thailand and CLMV Strong base of industrial use
Slide 6: Utilities Business – Assets Location
I. Company Overview Utilities Business – Assets Location • WHAUP’s exclusive rights to operate and provide utilities services to customers cover all WHA ID’s Industrial Estates. Currently, WHAUP provides utilities services to 10 operating IEs located in Thailand and 1 IE (WHA Industrial Zone 1, Nghe
Slide 7: Utilities Business - Our Utilities Customer Base
I. Company Overview Utilities Business - Our Utilities Customer Base WHAUP’s has established the strong operation in 84% of WHAUP’s volume are distributed to heavy EEC area. industry. 9M’21 Volume by IEs 9M’21 Volume by Industry Petrochemical Others 41% 11% Consumer 9% 5% WHA SIL 13% ESIE 5% WHA CIE
Slide 8: Power Business - Growing Portfolio
I. Company Overview Power Business - Growing Portfolio Continuing Growth from Projects Under Construction and Committed Projects in Pipeline Unit: MWeq under Operation As of 30 Sep 2021, 600 MW under operation (Incl. solar of 50.3* MW) and 34.7 MW under development 600 MW 590 MW 559 MW 521 MW 2018 2
Slide 9: Power Business – Portfolio Breakdown
I. Company Overview Power Business – Portfolio Breakdown Total Capacity (635 eq MW) : 600 eq MW under Operation + 35 eq MW under development By Type By Off-taker Analysis 3% 0.5% Portfolio Analysis Gas (47%, 297 eq MW) 14% EGAT/ PEA/ MEA 13% Coal (36%, 231 eq MW) Industrial Users Total Portfolio Tot
Slide 10: Agenda
Agenda I Company Overview II Executive Summary III Operating Performance IV Financial Performance V Business Update VI Appendix Your Ultimate Solution Partner in Utilities & Power with Environmental Care 10
Slide 11: Q3’21 Key Highlight
II. Executive Summary Q3’21 Key Highlight Unit : MB % change % change Q3’20 Q2’21 Q3’21 9M’20 9M’21 YoY QoQ YoY Total Revenue/1 416.9 543.6 517.3 24% -5% 1,251.1 1,664.6 33% - Utilities Business/2 401.3 488.9 481.3 20% -2% 1,213.3 1,450.8 20% - Power Business/3 15.6 54.7 36.0 130% -34% 37.8 213.8 46
Slide 12: Agenda
Agenda I Company Overview II Executive Summary III Operating Performance IV Financial Performance V Business Update VI Appendix Your Ultimate Solution Partner in Utilities & Power with Environmental Care 12
Slide 13: Utilities Business - Total Sales and Management Volume
III. Operating Performance Utilities Business - Total Sales and Management Volume* 3M 9M YTD Unit : Million M3 +20% Unit : Million M3 +25% -0.3% 102.5 85.2 +21% 16.4 35.1 35.2 +2% 13.5 28.1 +15% 27.6 5.9 5.8 23.1 3.3 5.2 9.4 9.3 102.5 1.7 85.2 7.4 1.2 29.1 1.0 29.3 Domestic 0.9 22.9 Domestic Domesti
Slide 14: Vietnam Utilities Business - SDWTP Sales Volume (100%)
III. Operating Performance Vietnam Utilities Business - SDWTP Sales Volume (100%) Unit : ‘000 cmd Unit : Million M3 +15% +1% 16.8 16.6 Q3’21 183 190 190 179 173 178 160 165 159 150 155 150 149 151 138 14.5 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Q3'20 Q3'21 Q2'21 20 20 20 20 20 2
Slide 15: Power Business – Key Headlines
III. Operating Performance Power Business – Key Headlines IPP Business: GHECO-One • Forced outage total 28 days in end of Aug to Sep’21 (vs Q3’20 : Forced outage total 8.5 days) GIPP • EGAT dispatched GIPP of 44 GWh in Q3’21 vs no dispatch in Q3’20 HHPC • Higher dispatch +14% YoY while -27% QoQ SPP
Slide 16: Power Business - IPP Group
III. Operating Performance Power Business - IPP Group 3M Q3’20 Q3’20 Unit : GWh Q3’21 Q3’21 Unit : % AF Energy Dispatch Q2’21 Availability Q2’21 -22% -10% 100.0% 98.1% 99.8% 1,290 88.2% 76.5% 1,006 1,113 67.9% +14% -27% -81% 236 85 97 133 44 0 Gheco-One HHPC Glow IPP Gheco-One Glow IPP 9M 9M’20 9M’2
Slide 17: Power Business - SPP Group
III. Operating Performance Power Business - SPP Group 3M Q3’20 Q3’20 Q3’21 Q3’21 Unit : GWh Energy Dispatch Q2’21 Unit : % AF Availability Q2’21 +3.1% +1.2% +2.0% +2.1% 97.4% 99.7% 99.2% 1,709 1,761 1,739 1,313 1,339 1,311 +6.7% -1.5% 395 422 428 EGAT 1 IU 2 1 + 2 Total Total SPP Business 9M Unit :
Slide 18: Power Business - Solar Energy Dispatch
III. Operating Performance Power Business - Solar Energy Dispatch 3M 9M Unit : MWh Unit : MWh +158% 40,979 +115% -8% 2,327 13,294 13,487 817 725 38,651 15,857 6,269 13,806 2,567 12,761 815 5,455 13,290 Q3'20 (A) Q3'21 (A) Q2'21 (A) 9M'20 (A) 9M'21 (A) WHAUP Rooftop Gulf and WHA Gunkul Solar Gulf and
Slide 19: Agenda
Agenda I Company Overview II Executive Summary III Operating Performance IV Financial Performance V Business Update VI Appendix Your Ultimate Solution Partner in Utilities & Power with Environmental Care 19
Slide 20: Financial Highlight Q3’21 vs Q3’20
IV. Financial Performance Financial Highlight Q3’21 vs Q3’20 Unit: THB mm Q3’20 Q3’21 YoY Remarks Total Revenue 416.9 517.3 24% - Growth in domestic utilities sales volume due to - Utilities Business 401.3 481.3 20% demand recovery, demand from new customers, and increase of water tariff - Revenue f
Slide 21: Financial Highlight Q3’21 vs Q2’21
IV. Financial Performance Financial Highlight Q3’21 vs Q2’21 Unit: THB mm Q2’21 Q3’21 QoQ Remarks Total Revenue 543.6 517.3 -5% - Utilities Business 488.9 481.3 -2% - Lower revenue from Power business due to lower EPC revenue recorded in Q3’21 - Power Business 54.7 36.0 -34% - EPC Revenue recorded o
Slide 22: Financial Highlight 9M’21 vs 9M’20
IV. Financial Performance Financial Highlight 9M’21 vs 9M’20 Unit: THB mm 9M’20 9M’21 YTD Remarks Total Revenue 1,251.1 1,664.6 33% - Utilities Business 1,213.3 1,450.8 20% - Sales volume growth and water tariff adjustment - EPC Revenue recorded of 112.2 MB in 9M’21 vs none in 9M’20 - Power Business
Slide 23: Utilities Business – Domestic Revenue and Gross Profit Margin
IV. Financial Performance Utilities Business – Domestic Revenue and Gross Profit Margin Total Revenue from Utilities Business increased by 19.9%YoY and 19.6%YoY for Q3’21 and 9M’21 respectively but decreased by 1.6% QoQ. Total Revenue Gross Profit Margin +19.6% Unit : THB mm 1,450.8 9.5 109.3 47.9%
Slide 24: Utilities Business : Share of Profit (Vietnam)
IV. Financial Performance Utilities Business : Share of Profit (Vietnam) Unit : MB SDWTP Unit : MB Cua Lo 3M 3M Q3'20 (A) Q2'21 (A) Q3’21(A) Q3'21 (A) Q3'21 (B) Q3'20 (A) Q2'21 (A) Q3'21 (A) Q3’21(A) Q3'21 (B) 1.1 (20.4) (19.7) (20.4) 2.1 -26.8% (1.6) 20.7% (1.3) (0.8) (27.8) 3.6% YoY QoQ 29.2% (8.3
Slide 25: Power Business – Normalized Share of Profit and Dividend Payment
IV. Financial Performance Power Business – Normalized Share of Profit and Dividend Payment Normalized Share of Profit and Dividend Income for 3Q’21 and 9M’21 decreased 5.7%YoY and 3.2%YoY respectively, and also decreased 3.2% QoQ. /1 Share of Profit and Dividend Income Normalized Share of Profit and
Slide 26: Profit and Loss Statement – Q3'21 (A) vs Q3'20 (A)
IV. Financial Performance Profit and Loss Statement – Q3'21 (A) vs Q3'20 (A) Normalized Net Income (NNI) Q3’21 (A) Vs Q3’20 (A), + 77.9 MB or +39.2% + Positive • Higher Gross Profit before Depreciation (+75.4 MB): due to Utilities Business (+ 60.3 MB) and Power Business (+15.1 MB) • Higher Normalize
Slide 27: Profit and Loss Statement – Q3'21 (A) vs Q2'21 (A)
IV. Financial Performance Profit and Loss Statement – Q3'21 (A) vs Q2'21 (A) Normalized Net Income (NNI) Q3’21 (A) Vs Q2’21 (A), +8.9 MB or +3.3% + Positive • Lower Financial Cost (+10.1 MB): mainly due to lower cost of debt • Higher Other Income (+8.3 MB): mainly due to Dividend Income from GIPP (+
Slide 28: Profit and Loss Statement – 9M'21 (A) Vs 9M‘20 (A)
IV. Financial Performance Profit and Loss Statement – 9M'21 (A) Vs 9M‘20 (A) Normalized Net Income (NNI) 9M’21 (A) Vs 9M’20 (A), +129.3 MB or +21.4% + Positive • Higher Gross Profit before depreciation (+237.3 MB): due to Utilities Business (+198.9 MB) and Power Business (+74.4 MB) • Lower Financial
Slide 29: Capital Structure and Financial Ratio
IV. Financial Performance Capital Structure and Financial Ratio Statement of Financial Position Debt Maturity Profile as of 30 Sep 2021 Unit : THB mm Unit : THB mm 4,200 New bond issuance of 3,500 MB in July 2021 with tenor of 2, 3 and 5 yrs and weighted avg. cost of 26,172 26,172 25,753 25,753 fund
Slide 30: Financial Activities
IV. Financial Performance Financial Activities TRIS Rating affirms the A- company rating and This reflects the strong business the ratings on performance, healthy financial WHAUP’s senior status, stable dividends from unsecured investment in power business and debentures and the growth potential for
Slide 31: Historical Dividend Payment
IV. Financial Performance Historical Dividend Payment THB/Share 0.30 0.2525 0.2525 0.25 0.2034 0.2115 0.20 0.16 0.16 0.15 0.10 0.2034 0.2115 0.0925 0.05 0.0925 0.0925 0.0925 0.00 2017 2018 2019 2020 2021 Interim Dividend Additional Dividend 17 Nov 2021 31
Slide 32: Agenda
Agenda I Company Overview II Executive Summary III Operating Performance IV Financial Performance V Business Update VI Appendix Your Ultimate Solution Partner in Utilities & Power with Environmental Care 32
Slide 33: Utilities Business – Projects in Pipeline (1/2)
V. Business Update Utilities Business – Projects in Pipeline (1/2) New Big Customer Demand Reclaimed & Demineralized Water = Gulf SRC = Petrochem 16.2 @non-WHA IE, developing Reclaimed & 5.8 Million M3 Demineralized Water to potential customers with a capacity up to Million M3 0.3 1 Million M3 per y
Slide 34: Utilities Business – Projects in Pipeline (2/2)
V. Business Update Utilities Business – Projects in Pipeline (2/2) Cua Lo Water Plant Nghe An (47% Shareholding equity) In process of extending its water supply network to cover Finished expand more serviced area (WHA production capacity to Industrial Zone1 – Nghe An) as WHA group continue to expand
Slide 35: Utilities Business - Water Situation
V. Business Update Utilities Business - Water Situation Figure 1 : Figure 2 : Water Level of Dokkrai, Nongplalai, and Klongyai Reserviors Water Level of Prasae Reservoir Source : Eastwater 17 Nov 2021 35
Slide 36: Power Business – Enlarging Solar Portfolio
V. Business Update Power Business – Enlarging Solar Portfolio Selected projects commissioning in 2021 Cumulative Target Signed PPA 300 MW 90 MW 2023(F) 85 MW 2021(F) SBM3 33 MW 51 MW Q3’21(A) Amata City 2019(A) 2020(A) Capacity 2.1 MW COD : Sep 21 Honda Solar Projects Prachinburi Capacity 2.5 MW COD
Slide 37: Power Business – Selected projects signed in Q3’21
V. Business Update Power Business – Selected projects signed in Q3’21 Largest Solar Rooftop Project in the leading car tire producer and distributor from China, 19.44* MW 25-yr contract CO2 help the company reduce emission by 366,000 tons Solar Rooftop Solar Carpark Note: *The project will cover an
Slide 38: Power Business - Smart Energy Platform and Smart Micro Grid
V. Business Update Power Business - Smart Energy Platform and Smart Micro Grid WHAUP signed MOU with PTT Group and Sertis to jointly develop a Smart energy platform to trade solar energy within WHA’s IEs. To optimize electricity management using AI and Blockchain Technology P2P Energy Trading WHAU
Slide 39: Listed in ‘THSI’ SET Sustainability Index
V. Business Update Listed in ‘THSI’ SET Sustainability Index WHAUP has been listed in 2021 Thailand Sustainability Investment (THSI) ENVIRONMENTAL Index or selected as one of the ‘Sustainable Stock’, for 2 consecutive years. This reflects the company’s potential to grow a sustainable business with g
Slide 40: SET Outstanding Innovation Award 2021
V. Business Update SET Outstanding Innovation Award 2021 17 Nov 2021 40
Slide 41: Agenda
Agenda I Company Overview II Executive Summary III Operating Performance IV Financial Performance V Business Update VI Appendix Your Ultimate Solution Partner in Utilities & Power with Environmental Care 41
Slide 42: Vision and Mission
VI. Appendix VISION “To be Asia's leader in Utilities and Power providing total solutions to partners with good corporate governance as well as environmentally and socially friendly operations” MISSION • To develop world class utilities and power solutions fitting customer's needs • To vertically in
Slide 43: Industrial Development
VI. Appendix WHAUP is the Flagship Company in Utilities & Power Business of WHA Group #1 Industrial Estate Developer Exclusive utilities provider To be one-stop #1 Logistics developers, with more than 2.5 million 10 operating and 3 Planned New in the industrial estates service for Data sqm
Slide 44: Consolidated Performance
VI. Appendix Consolidated Performance Consolidated EBITDA/1 and EBITDA Margin Consolidated Net Profit and Net Profit Margin/4 Units: THB mm 60% Units: THB mm 59% 57% 58% 58% 56% 55% 56% 36% 53% 52% 1,144.5 34% 31% 32% 28% 31% 1,079.9 29% 27% 30% 27% 582.2 548.5 1,293.0 388.9 1,129.8 431.6 733.7 371.
Slide 45: Shareholders and Management Structure
VI. Appendix Shareholders and Management Structure Shareholding Structure Board of Directors Foreign Retail Institutions 18% Ms. Jareeporn Jarukornsakul Mr. David Richard Nardone 2% Chairman of Board of Directors Director 1/ Domestic WHA Group, Institutions 74% /1 Mr. Vivat Jiratikarnsakul Dr. Nipho
Slide 46: Framework and Strategy: Sustainability at WHAUP
VI. Appendix Framework and Strategy Sustainability at WHAUP WHAUP has adopted WHA Group’s 5-Year Sustainability Framework to drive corporate sustainability actions to build upon, and align with the Group’s business direction to become “Your Ultimate Solution Partner”. To achieve its aspiration, the
Slide 47: Materiality Assessment on Sustainability
VI. Appendix Materiality Assessment on Sustainability Materiality Issues Environment Dimension Environment Dimension Water Management Waste Management Climate Change Energy Management Air Emission Biodiversity Social Dimension Social Dimension Human Capital Development Talent Attract
Slide 48: Sustainability Development Highlight: Environment Dimension
VI. Appendix Sustainability Development Highlight Environment Dimension Climate Change and Energy Management Promoting Clean Energy to Our Customers Offers an all-in solar rooftop service package for customers in Thailand including permitting, design and engineering, construction and installation, a
Slide 49: Sustainability Development Highlight: Environment Dimension
VI. Appendix Sustainability Development Highlight Environment Dimension Climate Change and Energy Management Integrating Battery with Solar Energy at WHAUP’s Water Plants Energy Saving Conduct feasibility studies to install solar rooftop panels coupled with battery energy in Office Buildings storage
Slide 50: Sustainability Development Highlight: Environment Dimension 3R
VI. Appendix Sustainability Development Highlight Environment Dimension Climate Change and Water Management Water Reclamation projects Reduce Re-use and Recycle (3R) Apply 3R to preserve water. By reducing water, WHAUP optimized the production and distribution efficiency since process design to redu
Slide 51: Sustainability Development Highlight: Waste Management
VI. Appendix Sustainability Development Highlight Environment Dimension Waste Management Chonburi Clean Energy (CCE) Plastic Waste Reduction Sludge to Fertilizer Advanced waste-to- Reduce 20,487 energy power plant bottles of plastic located at WHA waste by stop Chonburi Industrial serving plastic Es
Slide 52: Sustainability Development Highlight: Social Dimension
VI. Appendix Sustainability Development Highlight Social Dimension WHA CLEAN WATER FOR PLANET LEARNING CENTER OBJECTIVES 1. To be the learning center showcasing WHA's innovative water management expertise. 2. To be the learning center showcasing WHA expertise in Logistics and supply chain developmen
Slide 53: Sustainability Development Highlight: Caring for the Environment
VI. Appendix Sustainability Development Highlight Social Dimension Caring for the Environment WHAUP Constructed Wetland Systems, considered a natural technology that is eco-friendly, cost effective and easy to maintain delivered to Pluak Daeng Sub-District Office in Rayong Province. Demonstrate the
Slide 54: Sustainability Development Highlight: Governance and Economic Dimension
VI. Appendix Sustainability Development Highlight Governance and Economic Dimension Innovative Project : Demineralized Water Innovation Highlight Sustainable Water Resource Management Large-scale Project Sustainable Raw Water Sourcing Maximum Capacity Minimized risk of adverse effects from Water
Slide 55: Sustainability Development Highlight: SMART Utilities & Power
VI. Appendix Sustainability Development Highlight Governance and Economic Dimension SMART Utilities & Power SCADA System Smart Metering Unified Operation Center (UOC) for Remote Monitoring Enhance the Traceability of Utilities Provided Help monitor the wastewater Converted the installed analog water
Slide 56: Sustainability Development Highlight: Governance and Economic Dimension
VI. Appendix Sustainability Development Highlight Governance and Economic Dimension Risk Management Code of Business Conduct 100% of employees at 100% of employees all levels are trained on have been risk management by communicated on the 2022 Code of Conduct Data Security Customer Relationship Mana
Slide 57: Utilities & Power
Utilities & Power
Slide 58: IR Contact
IR CONTACT WHA Utilities and Power Public Company Limited Finance and Investor Relations Department 777 WHA TOWER, 22nd Floor, Unit 2203-2205, Moo 13, Debaratna Road (Bangna-Trad) KM.7, Bang Kaeo, Bang Phli, Samut Prakarn 10540 Email: ir@wha-up.com Website: www.wha-up.com
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